BY Helen Kay | Monday 3 February 2025
A Hull-based software business has raised £100,000 from NPIF II – Mercia Debt Finance, which is managed by Mercia Debt as part of the Northern Powerhouse Investment Fund II (NPIF II), to support its growing workload.
Think360 has secured over £1m worth of new contracts in the past few weeks and has over £4m of other potential new business in the pipeline. The funding will provide additional working capital to enable it to take on more projects and expand its team with the creation of three new jobs.
Think360 was established in 2018 by Martin Lauer, who is also CEO of The One Point, the Hull-based IT and telecoms business, and initially delivered bespoke software projects. In 2021 Ian Crowder and Tony Grimes, who have over 40 years’ software experience between them, joined the business as Directors and shareholders. The company has since launched its own range of AI-powered software products.
The first product, AI Suite, was designed for the ports, logistics and manufacturing sectors and is now used by clients such as RMS Ports, Immingham Transport and cosmetics manufacturer Orean Personal Care. The latest addition, AI Homecare, helps domiciliary care providers to manage home visits and share care plans with relatives, and is used by clients such HICA Group.
Think360 also offers platforms to monitor cranes and industrial equipment and manage engineers in the field. The company currently employs six permanent staff as well as up to 22 independent contactors including software testers and analysts.
Martin Lauer, CEO of Think360, said: “Think360 has made remarkable progress in the past two years since the launch of our proprietary software. Our products have gained traction in all of our key sectors and we have secured some high-profile clients. Following a spate of new contact wins, we also have a strong pipeline of new business. The funding will enable us to meet growing demand and continue our success story.”
Rebecca Pickering of Mercia Debt added: “AI is reshaping the ports and logistics sector by driving automation and transforming the way care is delivered in patients’ homes. Think360 is at the forefront of these exciting developments. We are pleased to be able to support Martin, Ian, Tony and the team in their plans to achieve further growth and establish the company as a leader in its field.”
Lizzy Upton, senior manager at the British Business Bank, said: “From deeply technical software to easy-to-use consumer programmes like ChatGPT, AI has grown tremendously in recent years, and is only set to grow even more. It’s great to see a Yorkshire-based business like Think360 using NPIF II funding to drive AI transformation in key industries like the ports, logistics and manufacturing sectors.”
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
